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PDL BioPharma (PDLI) -3.5% premarket after issuing downward guidance for its Q4 and FY2012...

PDL BioPharma (PDLI) -3.5% premarket after issuing downward guidance for its Q4 and FY2012 revenue, citing reduced royalties from the sale of two drugs. PDL, which obtains most of its revenue from development and licensing of antibodies, generally has seen its bottom line improve in recent quarters amid lower expenses.
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